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Title 3 . Commerce, Community, and Economic Development
Chapter 2 . Land Sales
Section 212. Solicitation materials

3 AAC 02.212. Solicitation materials

(a) If a public solicitation of shareholders for a proposed bank or for an increase in capital of an existing bank is contemplated, all written material to be used for solicitation must be submitted to the department for review and approval before use.

(b) The department's review of solicitation materials will be conducted as if the material were submitted for registration under AS 45.55.

(c) Upon approval of the written material by the department, the incorporators of a proposed bank may solicit subscribers until the capital stock is fully subscribed.

(d) Before calling the stock subscriptions or accepting payment for the subscriptions from the subscribers to a proposed bank, the chairperson shall submit to the department, for its approval or disapproval, a list of subscribers which indicates the name, residence address, mailing address, and amount of subscription for each subscriber.

(e) At the time the chairperson calls the stock subscriptions, all funds received from stock subscribers, including paid-in pre-incorporation subscriptions, must be placed in an escrow account approved by the department and over which the department has withdrawal control.

(f) The chairperson shall call the subscriptions and receive payment in full within 30 days from the date of the notice of the call. The chairperson may extend the period of the call if the extension is approved in writing by the department.

(g) When the subscriptions are fully paid and deposited in the escrow account, the incorporators on at least 20 days' written notice shall call the first meeting of subscribers. The agenda for the meeting must include those items required under AS 10.06.223 and a shareholder resolution that, upon departmental approval the paid-in subscriptions be converted to stock certificates.

(h) With prior departmental approval, a portion or all of the organizational expenses may be withdrawn and paid out of the stock subscription escrow account. No withdrawals or payments may be made until the stock subscriptions are fully paid into that account and full disclosure is made to subscribers at the first meeting of subscribers.

(i) In this section, "chairperson" means the individual who was appointed by the incorporators to represent them in dealing with the department on the new bank application.

History: Eff. 4/6/79, Register 70; am 1/10/94, Register 129

Authority: AS 06.05.005 (a)

AS 06.05.345

AS 06.05.385

AS 10.06.223

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Last modified 7/05/2006